Dillard Department Stores to Take Over Seven Proffitt Stores in Virginia.(Originated from Richmond Times-Dispatch, Va.)

COPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights or concerns about this content should be directed to Customer Service.

Dec. 19--One department store chain will enter the Richmond market next year, while another will make its exit.

Dillard Department Stores Inc., a leading Southwestern chain that has been trying to gain an entrance to Virginia for years, is buying seven Proffitt's Inc. stores in the state, including the two in Richmond.

The purchase will mean the departure of Proffitt's from the local retailing scene. The rapidly growing chain has struggled to gain market share after entering Virginia a little more than three years ago.

Little Rock, Ark.-based Dillard's is expected to buy the seven stores -- two in Richmond and five in Hampton Roads -- by March. The two Richmond stores are at Chesterfield Towne Center and Virginia Center Commons malls.

Terms of the deal were not disclosed.

The stores will be closed while they are renovated and will reopen by November, Dillard's officials said.

Dillard's is a traditional department store retailer, carrying a broad selection of major brands for middleand upper-middle-income shoppers. …

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